Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC Derivatives, Central Counterparties and Trade Repositories (“EMIR”) was introduced to provide a framework to improve the functioning of the OTC derivatives markets in the European Union. EMIR requires the European Securities and Markets Authority (“ESMA”) to develop draft regulatory and implementing technical standards in relation to several key provisions of EMIR. On 27 September 2012, ESMA published its final report (the “Final Report”) on such standards. read more